Market Outlook

Support comes in at the 24588, 24344, 24150, 23894, 23667, 23400, 23111, 22974, 22769, 22526 22300, 22125, 21834, 21500, 21020, 20850, 20500, 20222, 19992, 19875, 19667, 19524, 19250, 18888, 18600, 18442, 18200, 18095, 17948, 17792, 17613, 17430, 17226, 17055, 16900, 16700, 16359, 16203 while resistance comes in at 24792, 25002, 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.

The Nifty has more or less moved on expected lines and has continued to sink further and also continue the series of progressively lower tops and bottoms which have been prevalent. Maximum call open interest comes in at 25500 followed by 25400 while maximum put open interest comes in at 24500 followed by 25000 indicating an almost identical trading range compared to the last week (not very surprising considering the fact that we are in the first week of the current series) but the situation remains fluid with movements expected on either side. Nifty has seen some major increase in open interest during the week to end at 01.88 cr (rounded off) and has seen an up tick of nearly 02.89% (rounded off) on the last trading session of the week; the Bank Nifty has seen some solid open interest being increased during the week to end at 14.34 lakh (rounded off) compared to the last week; has actually seen open interest (07.58%) being higher on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with an upward bias) above the 13.00 level (in terms of closing) except that it ended at 15.10 (higher from an intra week low of 12.88) which has resulted in the Nifty generally being weak during latter part of the week. The Nifty has received support at the 24588 level which has resulted in some semblance of an intraday recovery from lower levels while a rampaging Vix isn’t going to help. It would be prudent to wait a bit and see the Nifty settle down and if 24588 holds or not. Support comes in at the 24588, 24344, 24150, 23894, 23667, 23400, 23111, 22974, 22769, 22526 22300, 22125, 21834, 21500, 21020, 20850, 20500, 20222, 19992, 19875, 19667, 19524, 19250, 18888, 18600, 18442, 18200, 18095, 17948, 17792, 17613, 17430, 17226, 17055, 16900, 16700, 16359, 16203 while resistance comes in at 24792, 25002, 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.